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Buying A Home To Remodel
Buying A Home To Remodel
Is it a good deal?
Because of good home sales, a resurgence of consumer confidence, and low interest rates, the home-improvement industry is booming. "USA Today" reports that the dollar value of remodeling will surge to about $117 billion -- 8% over last year's level.
Before selling a house, it's frequently a good idea to do some simple fix-ups on it, such as painting and installing new carpet. But people who have just bought homes will sometimes do a lot of heavy remodeling to bring the home up to more modern standards. That can be profitable. In addition to having the enjoyment of living in the upgraded home, these owners can often recoup much of the cost of remodeling when the house is sold. The chart below shows how much various improvements can bring. And, as costs increase over the years, the improvements will increase in value too!
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Projects with the highest return |
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Project |
Average cost |
% of cost recouped |
|
Upgrade Kitchen |
$6,368 |
101% |
|
Revamp Kitchen |
$20,078 |
93% |
|
Upgrade bathroom |
$6,269 |
85% |
|
Add bathroom |
$11,441 |
92% |
|
Add family room |
$28,736 |
86% |
|
Add master bedroom suite |
$19,210 |
85% |
|
Add sun room |
$21,998 |
71% |
|
Re-side exterior |
$8,592 |
67% |
|
Source: National Association of the Remodeling Industry |
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